) has grown his fortune primarily by investing in distressed
companies and restructuring them into profitable entities. His
private equity firm, WL Ross & Co., holds just 10 stocks, which
are valued at $1.5 billion. In the fourth quarter, Ross announced
the existence of a major stake in a company called Navigator
Holdings Ltd. (
) worth 41.8% of the portfolio.
Besides the sizable new holding, Ross sold more than one-third of
his BankUnited Inc. (
) holding, and sold the entirety of his Callidus Software Inc. (
) shares. Otherwise, the positioning was largely unchanged.
Navigator Holdings Ltd. (
Ross reported owning 23,270,508 shares of Navigator Holdings Ltd.
as of the fourth quarter. Navigator is a marine transportation
company serving the liquefied natural gas industry. Its fleet of
nine carriers accounts for approximately 10% of the industry's
Ross' dealings with the company, however, go back to November 2011,
when he first began to invest in the company. His initial
agreements was to acquire up to 19.4% of the company for $62.5
million to help finance the company's growth program. At that time,
he and two of his designees joined the company's board of
In the announcement, Ross said:
"We see very substantial opportunities in the global transportation
industry, particularly rail and marine shipping," said Mr. Ross.
"Navigator is a leader in the handy-sized shipping segment, which
has excellent fundamentals and a positive outlook as global shifts
in demand for liquefied petroleum gas and other petrochemicals
increase opportunities for efficient, flexible marine
In September 2012, he won the right to purchase a $110.2 million
stake in the company from Lehman Brothers Holdings during its
bankruptcy proceedings. This gave Ross a 56% stake in the company.
Navigator then held its IPO in November of last year, pricing 13.8
million shares at $19 per share. It raised $156.4 million upon
completion of the sale. The price has since increased to around
$24.97 on Thursday, valuing the company at $1.42 billion.
BankUnited Inc. (
Ross also elected to reduce his cut his position in BankUnited Inc.
by 32.09%, to 5,561,692 shares. He started the position in the
first quarter 2011 when the price averaged $29, and reduced the
position in the first and fourth quarters of 2013, when the prices
averaged $26 and $32, respectively.
BankUnited Inc. is a savings and loan holding company with two
wholly owned subsidiaries: BankUnited, which is an independent
depository institution headquartered in Florida by assets, and
BankUnited Investment Services Inc. BankUnited Inc. has a market
cap of $3.18 billion; its shares were traded at around $31.56 with
a P/E ratio of 14.50 and P/S ratio of 4.40. The dividend yield of
BankUnited Inc. stocks is 2.70%.
Callidus Software Inc. (
Ross sold out his final 1,136,406 shares of Callidus Software Inc.,
after reducing the position over the years since late 2010. The
average fourth quarter price was $11 a share.
Callidus Software Inc. is a provider of cloud software. Callidus
Software Inc. has a market cap of $496.200 million; its shares were
traded at around $12.32 with and P/S ratio of 4.30. Callidus
Software Inc. had an annual average earnings growth of 5.50% over
the past five years.
See Wilbur Ross (Trades, Portfolio)' portfolio here.
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